Can I have more than one over 50s life insurance plan?
Over 50s life insurance plans are a popular type of policy for people in the later stages of their life, as they can guarantee cover no matter your pre-existing conditions or family history of health. But can you take out more than over 50s life insurance plan?
Yes, you can. There is no law stopping you having multiple over 50’s life insurance plans with different providers. That means, in theory, you can take out as many as you like.
Similarly, you can have more than one policy with the same insurer. Where you will be limited, however, is the maximum amount of coverage you are allowed. This means that while you might be allowed to have 3 separate plans with one company, the amount of money you pay them, and the maximum pay-out you can receive, is capped.
So, if your pay-out is capped at £10,000, and you already have a policy that covers you for £8,000, you would only be able to take out an additional plan worth £2,000.
It’s important to note, however, that this is just an example. Every life insurance provider will have a different cap in place, and some are comfortable with more exposure than others.
While you can technically have numerous over 50’s plans, it might not be worthwhile. Before you start taking out extra policies, you might consider expanding your current one. Unless you are already at the maximum amount of coverage available, most insurers will be happy to explore options to increase your premium, and your subsequent pay-out.
If this isn’t going to be possible, that’s when you should start thinking about exploring additional options.